摘要
本文在分析现行国际货币体系缺陷基础上,探讨改革完善现行国际汇率体系的新思路,提出了建立具有自动平衡机制的交互盯住国际汇率体系的初步构想,并对该体系的主要机制和功能进行了初步设计和论证。该体系具有两大显著特点:(1)各国货币汇率相互盯住,以互相交叉重叠的一篮子货币取代黄金或单一货币作为"名义锚",实现在信用本位制下限制各国政府滥发货币、稳定币值和稳定汇率的机制。(2)相互盯住的国际汇率体系具有根据各国经济内外平衡状况自动调整盯住一篮子中心汇率,从而恢复经济平衡的机制。它吸收了浮动汇率制以汇率变动调节国际收支和经济失衡的优点,又回避了浮动汇率过度波动的缺点。
Based on the analysis of the dificiencies of the current international monetary system, this paper explores a new idea to reform and improve the existing international system of exchange rates, and proposes to establish an international exchange rate system with automatic balancing and interactive pegging mechanism. The paper also discusses the need, feasibility, design and demonstration of the mechanisms and functions of the system. This new system has two significant features： （ 1 ） the exchange rates of national currencies are interactively pegged, overlapping each other, with a basket of currencies instead of gold or a single currency as a nominal anchor, with the aim to get the function of stable currency and stable exchange rate under credit-based system; （2） it has a mechanism to adjust exchange rate automatically according to the national economic and external balance position, thereby restoring economic balance. It absorbs the advantages of a floating exchange rate system, to adjust the balance of payments and economic imbalances, and avoids the disadvantages of excessive volatility of floating exchange rate system.
出处
《国际金融研究》
CSSCI
北大核心
2016年第1期69-82,共14页
Studies of International Finance
基金
国家自然科学基金资助项目(71373048)资助
关键词
自动平衡机制
交互盯住
国际汇率体系
Automatic Balancing Mechanism
Interactive Pegging
International Exchange Rate System
